In this high-seas adventure, a woman creates a great rift between old friends: an experienced older diver, and his younger protege. They become enemies when a gold-digger marries the latter. She soon leaves him in favor of a wealthy yachtsman. She is aboard his boat when an accident occurs. The two divers must salvage the costly boat before it sinks.

Elsa, a young girl from Buenos Aires, visits her aunt and uncle, Don Alfredo and Doña Cristina, at their ranch. While playing golf, Elsa meets a gaucho, Antonio, and is enchanted by his exquisite singing voice.